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NEW YORK, NY / ACCESSWIRE / August 8, 2020 / Pomerantz LLP announces that a class action lawsuit has been filed against Cheetah Mobile, Inc. ("Cheetah Mobile" or the "Company") (NASDAQ:CMCM) and certain of its officers. The class action, filed in United States District Court for the Central District of California, and indexed under 20-cv-06896, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired Cheetah Mobile securities between March 25, 2019, and February 20, 2020, inclusive (the "Class Period"). Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Cheetah Mobile securities during the class period, you have until August 25, 2020, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Cheetah Mobile is a mobile Internet company that offers mobile utility products (such as Clean Master and Cheetah Keyboard), casual games (such as Piano Tiles 2, Bricks n Balls), and live streaming product Live.me. The Company provides its advertising customers, which include direct advertisers and mobile advertising networks through which advertisers place their advertisements, with direct access to highly targeted mobile users and global promotional channels.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational, and compliance policies. Specifically, Defendants failed to disclose to investors that: (i) certain of Cheetah Mobile's apps were not compliant with the terms of its agreements with Google; (ii) as a result, there was a reasonable likelihood that Google would terminate its advertising contracts with the Company; (iii) as a result of the foregoing, the Company's ability to attract new users would be adversely impacted; (iv) as a result, the Company's revenue was reasonably likely to decline; and (v) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.